I am progressing with the sale of my ground floor flat in Ilford and the estate agent has just called to advise that the buyers are swapping law firm. The excuse is that the lender will only engage with solicitors on their conveyancing panel. On what basis would a major lender only engage with specific solicitors rather the firm that they want to select for their conveyancing in Ilford ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders blame a rise in fraud by way of justification for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any impact on this.
I am under pressure from the seller of a property in Ilford to complete within four weeks. What can I do to speed up matters?
In the event that the seller is applying pressure to complete it is highly recommended that your lawyer is familiar with the location as they will benefit local contacts and knowledge. It is possible that they may have handled previousproperties in the same street. You would be best advised to use a Ilford conveyancing lawyer. Second, double check that the conveyancing firm is on the on the approved list for your mortgage company. It is claimed that 18% of Ilford conveyancing transactions are held up or jeopardised after finding out that a buyer’s conveyancer was not on their banks list of approved solicitors. This can often result in the conveyancing being held up by almost 21 days. It is estimated that this issue affects in the region of 100,000 home sales every year. Almost all Ilford conveyancing firms can not act for certain banks so do check at the outset.
Are there restrictive covenants that are commonly identified as part of conveyancing in Ilford?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Ilford. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a straight forward, chain free conveyancing. Ilford is where the house is located. Can you shed any light on this issue?
Flying freeholds in Ilford are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ilford you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ilford may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
In scouring the web for the words on line conveyancing in Ilford it brings up numerous conveyancerslocally. With so much choice what is the best way to find the suitable property lawyer for the sale of my house?
The best method of finding a suitable conveyancer is via personal recommendation, so enquire of colleagues and those you trust who have acquired a property in Ilford or the respected estate agent or financial adviser. Fees for conveyancing in Ilford vary, so it's sensible to obtain at least three fee estimates from different companies. Make sure that you know that the fees are fixed.
Last June I purchased a leasehold flat in Ilford. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
We have reached the end of our tether in seeking a lease extension in Ilford. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a missing freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to arrive at the price.
An example of a Lease Extension case for a Ilford residence is 49 Aldborough Road South in July 2012. The Tribunal decided that the premium payable for the grant of the new lease was £13,925 This case affected 1 flat. The remaining number of years on the lease was 61.36 years.